president obama has made a big push on the small business administration that also works closely with u.s. company, small businesses that are both trading and doing much more about porting. >> how do you work out when to make the loans and when not to? the fear is that we have the taxpayer going to fund businesses that might not pay the money back. >> for us it's very simple. we're a self sustaining agency. the fees we collect for the work we do have to pay all of our expenses. and on top of that, the last five year, we've delivered $1.9 billion to the taxpayer for deficit reduction. so when we make a loan, we have to have a reasonable assurance of being repaid because actually the fees we collect have to pay all of our expenses and they do that and more so. so in our case, it's very clear how we make those loans. >> all right. fred, thanks for joining us and our apologies for the technical problems we had earlier. >> thanks for having me. >> germany auction, 3 billion euros in size that went off with a 5.1 bid to cover ratio and a yield slightly less negative than last time, but stil